Rand Drops Record Low as Commodities Rout Weighs on Currency

  • Currency hit by falling commodity prices: Rand Merchant Bank
  • Stocks decline in China, top South Africa export destination

An excavator loads iron ore into a haul truck at the Sishen open cast mine, operated by Kumba Iron Ore Ltd., in Shishen, South Africa.

Photographer: Nadine Hutton/Bloomberg

The rand dropped to record lows against both the dollar and the euro as concern grew that China’s weakening economy will deepen a rout in prices of commodities that South Africa exports and relies on for foreign exchange.

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